The global vial adaptor for reconstitution drug market is fairly consolidated as top four players hold a leading share in the global market. A report by Transparency Market Research states that West Pharmaceutical Services, Inc., Cardinal Health Inc., Baxter International Inc., and Becton, Dickinson & Company collectively held about 67% in the global market in 2015. These companies are expected to focus on enhancing their product portfolio, expanding their geographical presence, and making strategic acquisitions and mergers to stay ahead of the competition in the coming years.
The research report states that the global vial adaptors for reconstitution drug market is expected to be worth US$1.3 bn by the end of 2024 as compared to US$780 mn in 2015. During the forecast years of 2016 and 2024, the global market is expected to progress at a CAGR of 7.5%.
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North America to Show Dominance in Global Market as Technological Advancements Gain Momentum
In terms of geography, the global market is segmented into North America, Europe, Asia Pacific, and Rest of the World. Of these, North America is anticipated to lead the global vial adaptors for reconstitution drug market in the coming years. The fast-paced technological advancements along with rising demand for needle-free products is expected to benefit the North America vial adaptors for reconstitution drug market. By the end of 2024, this regional market is expected to acquire a share of 45.1% in the global market.
The various therapeutic areas studied under this report are autoimmune diseases, metabolic conditions, infectious diseases, reproductive health, and others. Of these, the autoimmune diseases segment accounted for the largest share in the global market in 2015. The segment is anticipated to be exhibit a rapid growth rate due to changing lifestyles, environmental variations impacting human health, and modification of genes through the generations that have spiked the prevalence of autoimmune diseases. The autoimmune diseases segment is expected to progress at a CAGR of 7.5% between 2016 and 2024.
Rising Incidence of Infectious Diseases Augments Demand for Vial Adaptors for Reconstitution Drugs
The global vial adaptors for reconstitution drug market has been witnessing a spike in demand for products as they are safer options for transferring diluents for reconstitution processes as compared to conventional ways. These also minimize the risk of potential needlestick injury. The market also stands to benefit due to the growing pool of geriatrics, who are susceptible to a wide range of diseases and disorders that require administration of drugs through vial adaptors. Furthermore, the high prevalence of infectious diseases is also likely to augment the demand for reconstitution drugs, which in turn will reflect positively on the demand for vial adaptors required for the same.
The growing demand for lyophilized drugs has also upped the demand for vial adaptors for reconstitution drugs in recent years. The lack of contamination and reduced risk of drug spillage is also expected to drive the rising revenue of the global market all through the forecast period.
Difficulty in Customizations Hampers Growth of Global Market
The steady pace of market drivers is likely to face a few hurdles during the forecast period. The key restraint in the global vial adaptors for reconstitution drug market is the need for customization for specific products. This demands wide screening of off-the-shelf deployment of vial adaptors, which is the biggest logistical problem for the global market. The demand for vial adaptors for reconstitution drug market is also being hampered by availability of substitutes such as prefilled syringes and auto-injectors.
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